Loading...
•
Dec 31, 2025
MicroStrategy Q4 2025 Earnings Report
Reported a significant net loss driven by unrealized Bitcoin fair value losses while continuing to expand its Bitcoin treasury strategy.
Key Takeaways
The company reported a substantial Q4 net loss primarily due to unrealized losses on digital assets under fair value accounting, while software revenues were slightly higher year over year and the company continued raising capital to support its Bitcoin strategy.
GAAP results were dominated by unrealized losses on digital assets under fair value accounting.
Total revenue increased slightly year over year, with strong subscription services growth offset by lower product support revenue.
The company ended the quarter with 672,500 bitcoin and continued to actively acquire bitcoin.
The company raised significant gross proceeds during Q4 to fund its strategy and build liquidity.
Revenue by Segment
Forward Guidance
Management indicated it intends to continue expanding its Bitcoin strategy and maintain a USD Reserve intended to cover dividends and interest for two to three years, while using a rules-based framework to evaluate STRC dividend rates monthly.
Positive Outlook
- Intends to maintain a USD Reserve sized to fund approximately two to three years of dividends and interest.
- Plans to evaluate STRC dividend rates monthly using a rules-based framework tied to STRC VWAP ranges.
- Remains focused on expanding STRC to support growth in Bitcoin Per Share (BPS).
- Highlights continued use of capital markets to raise funds supporting the Bitcoin treasury strategy.
- Expects return-of-capital (ROC) treatment of preferred distributions to continue for the foreseeable future (subject to change).
Challenges Ahead
- GAAP earnings may remain highly volatile due to fair value gains/losses on Bitcoin.
- USD Reserve size and maintenance are subject to management discretion and may change over time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...